DeFi Growth: We reached another milestone in February as we reflected back on ETHDenver 2020. Since the same time last year, the DeFi space has grown from 1.2B in TVL to around 40B TVL. 🔒 📈
DeFi Fixes This: The Robinhood and Gamestop saga from January continued to unfold. Especially in light of the mid-month House Financial Services Committee hearing, it was hard not to notice that DeFi offers solutions to many of the problems being discussed. If you’re not completely up to speed, be sure to check out our latest post, Why the Robinhood Saga Bodes Well for DeFi Growth. 💎 🙌
NFTs! The NFT space continues to heat up. An NBA Top Shot video highlight featuring LeBron James sold for a record $208k USD in February (powered by the Flow Blockchain), and NFTs continued to gain serious momentum even among mainstream media outlets. On February 27, history was made when 3LAU sold the world’s first tokenized album—33 NFTs for more than $11M. 💿 🔥
Quantstamp is proud to be part of securing the NFT revolution. Read about some of the other NFT projects we’ve helped secure.
B20: Quantstamp is honored to have secured the smart contracts involved in tokenizing one of the most valuable art projects in the NFT space. Back in January, the Metapalooza Launch Party celebrated the launch of B20, a tokenized NFT bundle by famed crypto artist Beeple. The B20 token decentralizes ownership of over 20 digital artworks by the American artist and has seen a 30x increase in value since the launch.
Barnbridge: We recently audited the staking and governance contracts for Barnbridge, a tokenized risk protocol for hedging yield sensitivity and market price.
Sequence: Quantstamp audited some updated functionality in the Sequence Smart Wallet, which handles in-game assets for Skyweaver, a digital trading card game by Horizon Games.
Terra: Terra seeks to enhance the liquidity of core assets in their ecosystem by funding security audits for projects using UST and LUNA. Terra recently launched Mirror Protocol, a synthetic assets protocol, and will soon launch Anchor Protocol, a low-volatility savings protocol.
With the recent quantitative easing and the growing instability in the traditional financial markets, we’ve seen a new wave of institutional investors looking at DeFi for hedging and higher returns. However, there are additional risks in the DeFi space compared to the more established, highly-regulated world of traditional finance. To address this gap, Quantstamp, along with mStable and Conflux Network, are joining forces through Open DeFi to create a DeFi auditing standard for measuring technical and economic risk for institutional investments.
Learn more about this initiative on the Open DeFi Medium.
While ETHDenver was a bit different this year being completely virtual, it was ultimately a great success. Quantstamp was thrilled to host the DJ Chill Room at the Virtual Castle, and Communications Manager Jaye Harrill moderated the panel Onboarding Diversity: Exploring Community Challenges and Unique Solutions.
On February 11, Jaye also presented What is a Digital Nation? where she covered the evolution of DAOs, the rise of the “digital nation,” and some of the innovative projects Quantstamp has recently secured within the art, music, and gaming space.
We’re grateful to the entire ETHDenver community for such a wonderful week and look forward to next year!
“DeFi Fixes This”
Diamond hands, short squeezes, bailouts—these terms became mainstream in January 2021 as the story of a grassroots Reddit community disrupting a powerful hedge fund went viral. However, going beyond the headlines, what happened with the Robinhood saga creates a very strong and compelling case for why Decentralized Finance—DeFi—offers solutions to problems that stem from a centralized, inefficient system that lacks transparency. Read more in our recent post, Why the Robinhood Saga Bodes Well for DeFi Growth.
Feature Client: SuperRare
We are proud to showcase SuperRare as our featured client. Their curated art gallery features some of the best NFT artists around. With royalties going back to the original creator, SuperRare is consistently a top market by volume.
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Note: This update includes information and forward-looking statements about upcoming events and concepts under continuing development. Schedules, features, and functionality are subject to change or cancellation at any time and you are not to place undue reliance on this information or any forward-looking statements.